Buying a home is one of the biggest investments you make in your lifetime. It is one of the most financially involving decision. This decision will affect your family if you do not carry it out wisely. It is about choosing a suitable dwelling place for your family. It is, therefore, not a decision you wake up and make on impulse without thinking about the repercussions. Any mistake you may make during this step is likely to affect you financially as it will not be a simple one-day transaction. It involves identifying the property and the legal process of transferring the property to your name. Anything can happen and by the end of the process you just realize you bought hot air. You could also purchase a property only to realize it does not meet your minimum requirements. To avoid such frustrations, here is a guide to help you during the process.
Assess your financial situation
Before leaping, take your time to analyse your finances and decide how much money is available for your investment. If you do not have the cash ready, you may need to seek financial support from your bank. This means you must have an excellent rating with your financial status. Therefore, before you even talk to your financial advisor to find out how much you qualify for and the amount you will need to top up. Once you have your financial figures right, you can then go look for your house.
Determine what type of a house you need
Once you have your figures, now you can narrow down to the kind of house you wish to purchase. Singapore has many reputable developers like Martin Modern who have various types of houses for you to sample. You can go for either a condominium or a standalone home depending on your taste.
Take time to do your research and decide the kind of neighbourhood you wish to make your home. Find out the kind of people that live in your selected area and their lifestyle. Other factors to check in your preferred zone include social amenities such as hospitals, schools, security services and recreational facilities. It is advisable to go for an area that has adequate social amenities that will serve your interests and those of your family. Visit showflats in Singapore to have a better gauge of your precinct.
Determine your needs versus your wants
When buying a house, you may not have everything you desire under one roof. There are things that you will have to forgo to make your dream of owning a home a reality. You may wish to purchase a home within an affluent area, but your finances may not allow you. You may also want to go for a home with some luxurious finishes and an elegant façade, but they may add an extra cost. You may also to wish a home with aesthetical features such as swimming pools or even recreational parks. If such features are going to add an extra cost to your budget, you may opt to do without them and settle for basic features instead.
Conduct an inspection
Once you have settled into the right home, inspect it before you make the final decision. You can start by engaging a valuer to check the value of the building and compare with the offer the seller is giving you. Also, remember to check the status of the building. Check the kind of materials used in the construction and ascertain they are of high quality. Also, check if there are any faults within the building such as cracks in the foundation or walls of the building. Check out for any pests’ infestation in the building to avoid nightmares once you move in. If the inspection report gives you a clean bill of health, you can proceed to your next stage.
With all sorts of frauds coming up in real estate, you can never be too careful. Take your time and conduct due diligence on the property. Conduct your background check. Find out whether the land is on free hold and has no legal tussles before making your commitment.
To be on the safe side, buy a property from credible agents and property developers. Do not be in a hurry to make the purchase. Take your time and make an informed decision. Remember to negotiate with your agent or developer until you feel you have a good deal. During the purchase stage, involve a lawyer who will guide you through the process and check the authenticity of the documents the seller will be giving you. Follow the tips above and enjoy a perfect home buying process.